Gold and silver rally on rising US-Russia tensions

Ole Hansen

Head of Commodity Strategy

Gold and silver prices continue to recover, with gains in both supported until yesterday by a fading dollar rally and, now, by worsening US–Russia relations after President Biden approved Ukraine's use of long-range missiles against Russia. This culminated this morning when the Kremlin stated, “Any aggression against Russia by a non-nuclear state with participation of a nuclear state will be considered a joint attack.” Shortly after, one newswire reported that Ukraine had made its first ATACMS strike inside Russia, resulting in fresh demand for safe havens such as precious metals, as well as the yen, Swiss francs, and short-duration government bonds.

Spot Gold - Source: Saxo
Spot Silver - Source: Saxo

Longer update to follow


Recent commodity articles:

18 Nov 2024: COT: Limited dollar demand despite strength; Acclerated metals selling 
11 Nov 2024: COT: Speculators bought energy and grains, sold gold ahead of elections
8 Nov 2024: Commodity weekly: Mixed response to Trump 2.0
6 Nov 2024: 
Podcast: US election and the market reactions, including commodities
6 Nov 2024: 
Trump and Republican victories spark commodity decline
4 Nov 2024: 
COT: Speculators flock to dollars, exit commodities ahead of US election
1 Nov 2024: 
Commodity weekly: Some weakness seen ahead of critical week
31 Oct 2024: 
Crude prices seek stability ahead of key support and US elections
30 Oct 2024: 
Will the US election result spark a gold correction?
29 Oct 2024: 
Podcast: Electrification's surge impact on commodities and equities
28 Oct 2024: 
COT: Crude length cut; silver and platinum see strong demand
25 Oct 2024: 
Commodity weekly: Market jitters on the rise ahead of U.S. elections
23 Oct 2024: 
Crude prices stalled by two-sided market risks
22 Oct 2024: 
Gold and silver's remarkable run in four charts
22 Oct 2024: 
Podcast: The Trump trade enters the metal market
21 Oct 2024: 
COT: Dollar shorts squeezed; Shift in commodity exposure from energy to metals
18 Oct 2024: 
Commodity weekly: Gold's record-breaking run continues
17 Oct 2024: 
Copper prices decline amid doubts about China stimulus impact
16 Oct 2024: 
How high can gold and silver rally?
8 Oct 2024: 
Podcast: Navigating market shifts: Fed rate cuts, commodities and rising food prices
8 Oct 2024: 
Video: These commodities might be impacted by the US election
7 Oct 2024: 
Crude oil surge caps strong four-week rally for commodities
7 Oct 2024: 
COT: Broad buying momentum persists, led by Brent, copper and grains
2 Oct 2024: 
Q3 2024 Commodity Outlook: Gold and silver continue to shine bright

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